Housing Market Slows Amid High Prices and Rates | Business and Finance News

Pending home sales took a nosedive in June, dropping 5.4% from May and 0.3% year-over-year, as soaring prices and stubborn mortgage rates—still hovering around 6.5%—squeeze buyers. Economists label the market “tepid,” with the national trend slowing, though the Northeast and Midwest saw small upticks thanks to more affordable options. The median home price hit a record $441,000, and with pending sales often predicting future sales, the dip signals fewer transactions ahead—highlighting affordability as the biggest hurdle for homebuyers. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/bc3a15c28bc3e681